Russia’s Crypto Law Author Says Bitcoin Is “Destined to Collapse”

Anatoly Aksakov, a senior Russian lawmaker who helped shape the country’s cryptocurrency rules, said Bitcoin is “destined to collapse sooner or later,” arguing it is not backed by anything tangible. Speaking to Russia’s Parliamentary Gazette, Aksakov described Bitcoin as “a type of hype” and framed its value as driven by speculation rather than economic fundamentals. His comments circulated widely on Tuesday, as crypto markets remained volatile after a sharp early 2026 selloff. Volatility and forecasts in the background Aksakov’s remarks came as other figures quoted in the same reporting discussed downside scenarios for Bitcoin , including a view that prices could fall to about $40,000 next year. He used the debate to repeat his long-running skepticism about Bitcoin’s role as money, while Russia continues to limit crypto’s use in everyday payments. Still, his warning focused on Bitcoin’s long-term staying power, not on whether Russians will keep trading or holding crypto assets. Regulation keeps moving, despite the criticism While Aksakov dismissed Bitcoin’s fundamentals, Russia is pushing forward with a broader legal framework for crypto activity, with officials pointing to a regulatory milestone set for July 1, 2026. That work reflects a policy line that allows crypto buying and selling under oversight, while maintaining a domestic payments ban and treating crypto as a foreign-exchange style asset. The shift also shows up in finance: Russia’s largest lender, Sberbank, told Reuters it plans crypto-backed loans for corporate clients and said it is ready to coordinate with the central bank as rules take shape.